The Hindu Business Line : India, Mexico sign pact for biz co-operation

INVESTMENT PACT: The Mexican Minister for Economy, Mr Eduardo Sojo, with the Finance Minister, Mr P. Chidambaram, before the signing of a bilateral investment promotion agreement in the Capital on Monday. — Ramesh Sharma

New Delhi May 21 India and Mexico on Monday signed a bilateral investment promotion and protection agreement (BIPPA) to boost investment flow between the two countries.

Finance Minister Mr P. Chidambaram and visiting Mexican Minister of Economy Dr Eduardo Sojo signed the agreement.

Mr Chidambaram said that investments in Mexico by investors of Indian origin have crossed $1.5 billion.

He also emphasised that given the fact that Mexico was a member of important free trade associations including the NAFTA, the BIPPA would be remembered as one of the most important treaties India has signed in recent times.

Later in the day, Commerce and Industry Minister Mr Kamal Nath and Dr Sojo signed an MoU on the establishment of a bilateral high-level group on trade, investment and economic co-operation.

The objectives of the MoU include promotion of economic and trade relations, facilitating better access to markets, avoiding imposition of new barriers to trade and investment and creation of bilateral consultative mechanism to include trade and economic co-operation.

India's exports to Mexico in 2005-06 were worth $432.85 million, while imports from Mexico were to the tune of $96.18 million.

Major items of exports from India include transport equipment, drugs and pharmaceuticals and readymade garments.

The major import items include electronic goods, ores and metal scrap, iron and steel and plastic material.

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